Shattuck Labs Inc (STTK) 2022 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Shattuck Labs' fourth-quarter and full-year 2022 earnings conference call. (Operator Instructions)

女士們，先生們，下午好，歡迎來到 Shattuck Labs 的第四季度和 2022 年全年收益電話會議。 （操作員說明）

As a reminder, this conference is being recorded, and I will now turn the call over to your host, Mr. Conor Richardson, Vice President of Investor Relations, at Shattuck Labs. Conor, please go ahead.

提醒一下，這次會議正在錄製中，我現在將把電話轉給你的主持人，嘉德實驗室投資者關係副總裁 Conor Richardson 先生。康納，請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to the Shattuck Labs' conference call regarding our fourth-quarter and full-year 2022 financial results and recent business updates. The press release reporting our financial results was issued after market close this afternoon and can be found on the Investor Relations section of our website, shattucklabs.com.

謝謝你，運營商。大家下午好，歡迎參加 Shattuck Labs 關於我們第四季度和全年 2022 年財務業績以及最近業務更新的電話會議。報告我們財務業績的新聞稿是在今天下午收市後發布的，可以在我們網站 shattucklabs.com 的投資者關係部分找到。

During this afternoon's call, the Shattuck leadership team will provide a business overview of the fourth quarter and full year of 2022, including clinical development updates for SL-172154, our lead program, and SL-279252. We will refer to these as 154 and 252 throughout today's earnings call.

在今天下午的電話會議上，嘉德領導團隊將提供 2022 年第四季度和全年的業務概覽，包括 SL-172154、我們的主導項目和 SL-279252 的臨床開發更新。在今天的財報電話會議中，我們將這些稱為 154 和 252。

Speaking on today's call will be our Chief Executive Officer and Scientific Co-founder, Dr. Taylor Schreiber, who will review our pipeline progress and upcoming key milestones; followed by our Chief Medical Officer, Dr. Lini Pandite, who will provide an update on our ongoing clinical activities; and then our Chief Financial Officer, Mr. Andrew Neill, will review our fourth-quarter and full-year 2022 financial results and financial guidance. Dr. Schreiber will return to make some closing remarks and we will then open the call for questions.

我們的首席執行官兼科學聯合創始人 Taylor Schreiber 博士將在今天的電話會議上發言，他將回顧我們的管道進展和即將到來的關鍵里程碑；接下來是我們的首席醫療官 Lini Pandite 博士，他將介紹我們正在進行的臨床活動的最新情況；然後我們的首席財務官 Andrew Neill 先生將審查我們的第四季度和 2022 年全年財務業績和財務指導。 Schreiber 博士將回來做一些結束語，然後我們將開始提問。

Before we begin, I would like to remind you that today's webcast contains forward-looking statements within the meaning of Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements represent management's judgment as of today and may involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by these statements.

在我們開始之前，我想提醒您，今天的網絡廣播包含 1995 年《私人證券訴訟改革法案》安全港條款含義內的前瞻性陳述。此類陳述代表管理層截至今天的判斷，可能涉及某些風險和不確定性這可能導致實際結果與這些聲明中明示或暗示的結果存在重大差異。

For more information on these risks and uncertainties, please refer to our most recent annual report on Form 10-K for the year ended December 31, 2022, and our other filings with the SEC which are available from the SEC's website or on our corporate website, shattucklabs.com. Any forward-looking statements represent our views as of today, February 23, 2023.

有關這些風險和不確定性的更多信息，請參閱我們截至 2022 年 12 月 31 日止年度的最新 10-K 表格年度報告，以及我們向美國證券交易委員會提交的其他文件，這些文件可從 SEC 網站或我們的公司網站上獲取, shattucklabs.com。任何前瞻性陳述均代表我們截至今天（2023 年 2 月 23 日）的觀點。

With that, I will now turn the call over to Dr. Schreiber, our Chief Executive Officer. Taylor?

有了這個，我現在將把電話轉給我們的首席執行官 Schreiber 博士。泰勒？

Thank you, Conor. Good afternoon, everyone, and thank you for joining us today. 2022 was an operationally focused year for Shattuck, and our clinical team did an excellent job of advancing 154, our lead clinical-stage agonist redirected checkpoint or ARC product candidate. As a reminder, 154 is a SIRP alpha-Fc-CD40 ligand bifunctional fusion protein, which serves to both block the macrophage checkpoint molecule known as CD47 and also activates an important immune stimulatory receptor known as CD40.

謝謝你，康納。大家下午好，感謝您今天加入我們。 2022 年是 Shattuck 專注於運營的一年，我們的臨床團隊在推進 154 方面做得非常出色，154 是我們領先的臨床階段激動劑重定向檢查點或 ARC 候選產品。提醒一下，154 是一種 SIRP α-Fc-CD40 配體雙功能融合蛋白，它既可以阻斷稱為 CD47 的巨噬細胞檢查點分子，也可以激活稱為 CD40 的重要免疫刺激受體。

Linking these two functions within a single therapeutic differentiates 154 from all other CD47 inhibitors in clinical development. We are very pleased to have completed the Phase 1A monotherapy dose escalation clinical trial of 154 in patients with platinum-resistant ovarian cancer and achieved all of the primary goals of this first-in-human study, including the selection of a dose of 154 to advance into our Phase 1B combination cohorts, which I will describe in a moment.

在單一療法中將這兩種功能聯繫起來使 154 與臨床開發中的所有其他 CD47 抑製劑區分開來。我們很高興完成了 154 名鉑耐藥卵巢癌患者的 1A 期單藥治療劑量遞增臨床試驗，並實現了這項首次人體研究的所有主要目標，包括選擇 154 至進入我們的 1B 期組合隊列，我稍後將對此進行描述。

From a pharmacodynamic perspective, we believe that the clinical data generated through the course of the Phase 1A trial has validated one of our central hypotheses in the design of the ARC platform and shown that 154 was able to safely activate CD40 in a dose-dependent manner, including doses which saturated the CD40 receptor. One of the primary pharmacodynamic effects we observed in patients treated with 154 was a rapid induction of interleukin-12, achieving high serum concentrations of IL-12 in a number of other cytokines widely believed to be important to support antitumor immune responses.

從藥效學的角度來看，我們認為通過 1A 期試驗過程產生的臨床數據驗證了我們在 ARC 平台設計中的中心假設之一，並表明 154 能夠以劑量依賴的方式安全激活 CD40 ，包括使 CD40 受體飽和的劑量。我們在接受 154 治療的患者中觀察到的主要藥效學效應之一是白細胞介素 12 的快速誘導，在許多被廣泛認為對支持抗腫瘤免疫反應很重要的其他細胞因子中實現高血清 IL-12 濃度。

A variety of other pharmacodynamic findings were also observed in this trial, and we are looking forward to sharing these data at a medical meeting towards the middle of this year. In short, we are very pleased to have completed the goals of this study and to have selected the 3 milligram per kilogram dose to move into the combination cohorts.

該試驗還觀察到了其他各種藥效學發現，我們期待在今年年中的醫學會議上分享這些數據。簡而言之，我們很高興完成了這項研究的目標，並選擇了每公斤 3 毫克的劑量進入聯合隊列。

As a class in order to see clinically meaningful efficacy, CD47 inhibitors rely upon combination regimens with another agent provides a pro-phagocytic signal such as a targeted antibody or ADC, or with an agent that causes immunogenic cell death. For this reason, we are pleased to have moved into the combination studies where objective responses are expected in both our ovarian cancer trial and our clinical trial for patients with acute myeloid leukemia and high-risk myelodysplastic syndrome.

作為一類為了看到具有臨床意義的療效，CD47 抑製劑依賴於與另一種藥物（例如靶向抗體或 ADC）或與導致免疫原性細胞死亡的藥物聯合提供促吞噬信號。出於這個原因，我們很高興進入聯合研究，在我們的卵巢癌試驗和針對急性髓性白血病和高危骨髓增生異常綜合徵患者的臨床試驗中，預計會有客觀反應。

There are two combination cohorts ongoing in our Phase 1B clinical trial in patients with platinum-resistant ovarian cancer. In the first combination cohort, 154 is being combined with a chemotherapy agent known as pegylated liposomal doxorubicin or PLD for short. We selected PLD in combination with 154 for several reasons. First, PLD causes immunogenic cell death of ovarian cancer cells and was shown to enhance antitumor activity when combined with 154 in preclinical studies.

我們的 1B 期臨床試驗正在對鉑耐藥卵巢癌患者進行兩個組合隊列。在第一個聯合隊列中，154 人與一種稱為聚乙二醇化脂質體多柔比星或簡稱 PLD 的化療藥物聯合使用。出於幾個原因，我們選擇了 PLD 和 154。首先，PLD 導致卵巢癌細胞的免疫原性細胞死亡，並且在臨床前研究中與 154 聯合使用時顯示出增強抗腫瘤活性。

Second, PLD is a standard of care in the platinum-resistant setting and is well known that patients treated with PLD have an objective response rate in the range of 10% to 12% from multiple Phase 3 clinical trials. Thus, this was a mechanistically driven combination strategy where we do not expect difficulty determining the contribution of 154 in the regimen due to the known low response rates of PLD as monotherapy.

其次，PLD 是鉑耐藥環境中的護理標準，眾所周知，接受 PLD 治療的患者在多個 3 期臨床試驗中的客觀反應率在 10% 至 12% 的範圍內。因此，這是一種機械驅動的組合策略，我們預計不會因為 PLD 作為單一療法的已知低反應率而難以確定 154 在方案中的貢獻。

The second combination cohort in ovarian cancer is the result of a collaboration between Shattuck and ImmunoGen. ImmunoGen received accelerated approval for an antibody drug conjugate known as mirvetuximab soravtansine, which targets an ovarian cancer antigen called folate receptor alpha or FR alpha for short. The initial approval of mirvetuximab is for a biomarker selected subset of platinum-resistant ovarian cancer patients whose tumors express high levels of FR alpha and the objective response rate of 31.7% for those patients.

卵巢癌的第二個聯合隊列是 Shattuck 和 ImmunoGen 合作的結果。 ImmunoGen 獲得了加速批准的抗體藥物偶聯物，稱為 mirvetuximab soravtansine，其靶向稱為葉酸受體 alpha 或簡稱 FR alpha 的卵巢癌抗原。 mirvetuximab 的最初批准是針對鉑耐藥卵巢癌患者的生物標誌物選擇子集，這些患者的腫瘤表達高水平的 FR α，這些患者的客觀反應率為 31.7%。

In preclinical studies, we demonstrated that combining 154 with mirvetuximab potentiated antitumor activity, not just for ovarian cancer cells that express high levels of FR alpha, but also for tumor cells that express medium and low levels of FR alpha. Thus, this is a mechanistically driven combination where the contribution of 154 is expected to be observed, both in terms of improving overall response rates and response duration across the spectrum of FR alpha expression. If successful, this could more than double the proportion of patients who benefit from mirvetuximab.

在臨床前研究中，我們證明將 154 與 mirvetuximab 結合可增強抗腫瘤活性，不僅適用於表達高水平 FR α 的卵巢癌細胞，也適用於表達中等和低水平 FR α 的腫瘤細胞。因此，這是一個機械驅動的組合，其中 154 的貢獻預計將被觀察到，無論是在提高整體反應率還是在整個 FR α 表達範圍內的反應持續時間方面。如果成功，這可能會使受益於 mirvetuximab 的患者比例增加一倍以上。

While we are excited about the opportunity in ovarian cancer for 154, we are also pleased to be well underway in our clinical trial of 154 in patients with AML and high-risk MDS. As many listeners will be aware, AML and high-risk MDS are among the indications where CD47 blocking antibodies first demonstrated clinical activity and where the first approval is based on overall survival may soon occur.

雖然我們對 154 例卵巢癌的機會感到興奮，但我們也很高興在 154 例 AML 和高危 MDS 患者中進行臨床試驗。許多聽眾都知道，AML 和高危 MDS 是 CD47 阻斷抗體首次顯示臨床活性的適應症，並且可能很快就會獲得基於總生存率的首次批准。

Over the second half of last year, our clinical team initiated both the monotherapy dose escalation and azacitidine combination dose escalation cohorts, and we remain on track for our clinical data milestones in the first half of this year. Although we acknowledge that the objective response rates for the first generation of CD47 inhibitors has contracted in this patient population over the past couple of years, we are excited about the opportunity that opens for agents like 154, which provides the important component of CD40 activation in addition to CD47 blockade and which improved antitumor immunity in preclinical tumor models in published head-to-head studies in comparison to CD47 blocking antibodies.

去年下半年，我們的臨床團隊啟動了單藥劑量遞增和阿扎胞苷聯合劑量遞增隊列研究，我們仍有望在今年上半年實現臨床數據里程碑。儘管我們承認第一代 CD47 抑製劑的客觀反應率在過去幾年中在這一患者群體中有所下降，但我們很高興為 154 這樣的藥物打開機會，它提供了 CD40 激活的重要組成部分除了 CD47 阻斷之外，與 CD47 阻斷抗體相比，它在已發表的頭對頭研究中提高了臨床前腫瘤模型的抗腫瘤免疫力。

Let us now turn to our SL-279252 program, a PD1-Fc-OX40 ligand bifunctional fusion protein. We have completed the multicenter, open-label clinical trial evaluating the safety, tolerability, pharmacokinetics, antitumor activity, and pharmacodynamics of 252 in patients with advanced solid tumors and lymphoma. After enrolling PD-1 inhibitor experienced patients to the 12 and 24 milligram per kilogram cohorts, we did not observe an overall response rate of 20% or greater, which was our target to justify further clinical development. And thus, we've made the decision to discontinue the SL-279252 program.

現在讓我們轉向我們的 SL-279252 項目，這是一種 PD1-Fc-OX40 配體雙功能融合蛋白。我們已經完成了評估 252 名晚期實體瘤和淋巴瘤患者的安全性、耐受性、藥代動力學、抗腫瘤活性和藥效學的多中心、開放標籤臨床試驗。在將有 PD-1 抑製劑經驗的患者納入 12 和 24 毫克/千克隊列後，我們沒有觀察到 20% 或更高的總體反應率，這是我們證明進一步臨床開發合理性的目標。因此，我們決定終止 SL-279252 計劃。

The clinical data generated from patients treated with SL-279252 suggests the OX40 stimulation in this setting was insufficient to overcome the resistance mechanisms in place in patients who have already failed a PD-1 inhibitor. I would like to take this opportunity to thank the patients and their families for participating in our study. As always, we remain focused on delivering novel therapeutics which will benefit patients experiencing cancer with high unmet medical need and look forward to the combination data in our ongoing clinical trials with SL-172154 in the coming quarters.

接受 SL-279252 治療的患者產生的臨床數據表明，在這種情況下，OX40 刺激不足以克服已經對 PD-1 抑製劑無效的患者的耐藥機制。我想藉此機會感謝患者及其家屬參與我們的研究。一如既往，我們仍然專注於提供新療法，這將使患有癌症且醫療需求未得到滿足的患者受益，並期待在未來幾個季度我們正在進行的 SL-172154 臨床試驗中的組合數據。

With that, I will now turn the call over to Dr. Pandite, our Chief Medical Officer, who we will provide you with more detail on each of these studies, the emerging data illustrating how 154 is a differentiated CD47 inhibitor, and will also provide you with guidance to the various clinical milestones that are coming over the course of 2023. Lini?

有了這個，我現在將電話轉給我們的首席醫療官 Pandite 博士，我們將為您提供每項研究的更多詳細信息，新興數據說明 154 如何成為一種差異化的 CD47 抑製劑，還將提供指導您了解 2023 年即將到來的各種臨床里程碑。Lini？

Thanks, Taylor, and good afternoon. 2022 was a year of high operational focus, and I'm pleased with the execution of our clinical programs and the continued progress we have made. Our clinical focus is on the advancement of 154, our differentiated CD47 inhibitor and CD40 agonist with clinical data coming this year from each of three different clinical studies.

謝謝，泰勒，下午好。 2022 年是高度重視運營的一年，我對我們臨床項目的執行和我們取得的持續進展感到高興。我們的臨床重點是 154 的進展，這是我們的差異化 CD47 抑製劑和 CD40 激動劑，今年的臨床數據來自三項不同的臨床研究。

As Taylor mentioned, we have now completed our multicenter, open-label, dose-escalation Phase 1A clinical trial intended to assess the safety, tolerability, pharmacokinetics, antitumor activity, and pharmacodynamic effects of intravenous administration of 154 as monotherapy in patients with platinum-resistant ovarian cancer. As a reminder, in this trial, we reached a maximum administered dose of 10 milligrams per kilogram and we did not reach a maximum tolerated dose.

正如 Taylor 提到的，我們現在已經完成了我們的多中心、開放標籤、劑量遞增的 1A 期臨床試驗，旨在評估 154 靜脈內給藥作為鉑類藥物單一療法的安全性、耐受性、藥代動力學、抗腫瘤活性和藥效學效果。抗性卵巢癌。提醒一下，在這項試驗中，我們達到了每公斤 10 毫克的最大給藥劑量，但我們沒有達到最大耐受劑量。

As you will recall from the last quarter, we did not see any evidence of destructive anemia, which we attribute to the design of the Fc portion of 154 and the absence of binding to Fc gamma receptors. We expect to report the full data from this dose escalation portion clinical trial mid-2023.

您會記得上個季度，我們沒有看到任何破壞性貧血的證據，我們將其歸因於 154 的 Fc 部分的設計以及不與 Fc γ 受體結合。我們預計將在 2023 年年中報告該劑量遞增部分臨床試驗的完整數據。

Following the completion of Phase 1A dose escalation clinical trial and selecting a dose, we advanced to enrolling patients in our Phase 1B clinical trial of 154 in combination with liposomal doxorubicin in patients with platinum-resistant ovarian cancer. This multicenter, open-label trial is intended to evaluate the safety, tolerability, pharmacokinetics, antitumor activity, and pharmacodynamics of 154 in combination with liposomal doxorubicin. We expect to report initial combination data from this trial in mid-2023.

在完成 1A 期劑量遞增臨床試驗並選擇劑量後，我們將患者納入 154 名與脂質體多柔比星聯合治療鉑耐藥卵巢癌患者的 1B 期臨床試驗。這項多中心、開放標籤試驗旨在評估 154 與脂質體多柔比星聯合使用的安全性、耐受性、藥代動力學、抗腫瘤活性和藥效學。我們預計將在 2023 年年中報告該試驗的初步組合數據。

I'm also very excited to share details about our new collaboration with ImmunoGen. We have initiated enrollment in a Phase 1B trial to evaluate the safety, efficacy, and pharmacokinetics of SL-172154 in combination with mirvetuximab soravtansine in patients with platinum-resistant ovarian cancer. As Taylor mentioned, we believe that 172154 may broaden the activity of mirvetuximab beyond just folate receptor alpha high expressers. And thus, we intend to enroll patients across a broader range of folate receptor alpha expression, including those with high-folate receptor alpha expression defined at 75% or greater; medium-folate receptor alpha expression defined as less than 75%, but greater than or equal to 50%; and low-folate receptor alpha expression defined as less than 50%, but greater than or equal to 25% expression of folate receptor alpha. We expect to report initial formulation data from this trial in the second half of 2023.

我也很高興分享我們與 ImmunoGen 的新合作的詳細信息。我們已開始註冊 1B 期試驗，以評估 SL-172154 與 mirvetuximab soravtansine 聯合治療鉑耐藥卵巢癌患者的安全性、有效性和藥代動力學。正如 Taylor 提到的，我們認為 172154 可能會擴大 mirvetuximab 的活性，而不僅僅是葉酸受體 α 高表達者。因此，我們打算招募具有更廣泛葉酸受體 α 表達範圍的患者，包括葉酸受體 α 高表達定義為 75% 或更高的患者；中葉酸受體 α 表達定義為小於 75%，但大於或等於 50%；低葉酸受體α表達定義為低於50%，但大於或等於25%的葉酸受體α表達。我們預計將在 2023 年下半年報告該試驗的初始配方數據。

Now let us turn our attention to the progress we have made in our Phase1A/1b clinical trial in patients with AML and high-risk MDS. In this trial, we are evaluating the safety, tolerability, pharmacokinetics, antitumor activity and pharmacodynamic effects of 154 as both monotherapy and in combination with azacitidine. As a reminder, the first part of this trial is a pattern of staggered monotherapy and combination dose escalation in which we expect to enroll a heavily pretreated, relapsed refractory patient population.

現在讓我們將注意力轉移到我們在 AML 和高危 MDS 患者的 1A/1b 期臨床試驗中取得的進展。在這項試驗中，我們正在評估 154 作為單一療法和與阿扎胞苷聯合使用的安全性、耐受性、藥代動力學、抗腫瘤活性和藥效學作用。提醒一下，該試驗的第一部分是交錯的單一療法和聯合劑量遞增的模式，我們希望在其中招募經過大量預處理、復發的難治性患者群體。

Enrollment in the monotherapy cohorts of this trial has progressed consistently and as planned. And importantly, we dosed the first patients in the azacitidine combination cohort in the fourth quarter of 2022. Initial data from the dose-escalation portion of this trial as both monotherapy and in combination with azacitidine are expected in the first half of 2023.

該試驗的單藥治療隊列的招募一直按計劃進行。重要的是，我們在 2022 年第四季度對阿扎胞苷聯合隊列中的第一批患者進行了給藥。該試驗的劑量遞增部分的初步數據預計將在 2023 年上半年作為單一療法和與阿扎胞苷聯合使用。

After we complete the dose-escalation portion of this clinical trial, we intend to evaluate 154 in a frontline patient population, setting in TP53 mutant AML and frontline high-risk MDS.

在我們完成該臨床試驗的劑量遞增部分後，我們打算在 TP53 突變型 AML 和一線高危 MDS 的一線患者人群中評估 154 名患者。

With that, I will now turn the call over to Mr. Neill to discuss our financial update. Andrew?

有了這個，我現在將把電話轉給尼爾先生來討論我們的財務更新。安德魯？

Thank you, Lini, and good afternoon, everyone. As Conor mentioned at the outset of the call, the full financial results for the fourth quarter and full year ended December 31, 2022, are available in our earnings press release and in our annual report on Form 10-K. Today, I would like to focus on a few key points from our disclosures.

謝謝 Lini，大家下午好。正如康納在電話會議開始時提到的那樣，截至 2022 年 12 月 31 日的第四季度和全年的完整財務業績可在我們的收益新聞稿和我們的 10-K 表格年度報告中找到。今天，我想重點談談我們披露的幾個要點。

We continue to be well positioned financially. As of December 31, 2022, we had cash, cash equivalents, and investments of approximately $161.3 million. In the fourth quarter of 2022, our research and development expenses were $21.9 million compared to $16.2 million for the fourth quarter of 2021. For the year ended December 31, 2022, our research and development expenses were $82.9 million as compared to $56.6 million for the year ended December 31, 2021.

我們在財務上繼續處於有利地位。截至 2022 年 12 月 31 日，我們擁有現金、現金等價物和投資約 1.613 億美元。 2022 年第四季度，我們的研發費用為 2190 萬美元，而 2021 年第四季度為 1620 萬美元。截至 2022 年 12 月 31 日止年度，我們的研發費用為 8290 萬美元，而 2022 年第四季度為 5660 萬美元截至 2021 年 12 月 31 日的年度。

In the fourth quarter of 2022, our general and administrative expenses were $4.8 million compared to $4.6 million for the fourth quarter of 2021. For the year ended December 31, 2022, general and administrative expenses were $21.1 million as compared to $18.7 million for the year ended December 31, 2021.

2022 年第四季度，我們的一般和行政費用為 480 萬美元，而 2021 年第四季度為 460 萬美元。截至 2022 年 12 月 31 日止年度，一般和行政費用為 2,110 萬美元，而全年為 1,870 萬美元截至 2021 年 12 月 31 日。

Our net loss for the fourth quarter of 2022 was $25.4 million or a loss of $0.60 per basic and diluted share compared to a net income of $7.8 million for the fourth quarter of 2021 or $0.19 per basic share and $0.18 per diluted share. Our net loss for the year ended December 31, 2022, was $101.9 million or $2.41 per basic and diluted share as compared to $45 million or $1.07 per basic and diluted share for the year ended December 31, 2021.

我們 2022 年第四季度的淨虧損為 2540 萬美元，即每股基本股和稀釋後每股虧損 0.60 美元，而 2021 年第四季度的淨收入為 780 萬美元，即每股基本股和稀釋後每股分別為 0.19 美元和 0.18 美元。截至 2022 年 12 月 31 日止年度，我們的淨虧損為 1.019 億美元，即每股基本股和攤薄股 2.41 美元，而截至 2021 年 12 月 31 日止年度，我們的淨虧損為 4500 萬美元，即每股基本股和攤薄股 1.07 美元。

Based on our current operating and development plans, we reiterate our financial guidance for 2023 and beyond. We expect our existing cash and cash equivalents and investments to be sufficient to fund our planned operations into the second half of 2024. We remain committed to operating a strong financial discipline, including in our ongoing clinical programs. And given our projected rate of cash burn, we believe we are in a healthy position as it relates to our balance sheet and expected clinical data readouts for our 154 clinical trials in 2023.

根據我們目前的運營和發展計劃，我們重申我們對 2023 年及以後的財務指導。我們預計我們現有的現金和現金等價物以及投資足以為我們到 2024 年下半年的計劃運營提供資金。我們仍然致力於實施嚴格的財務紀律，包括在我們正在進行的臨床項目中。鑑於我們預計的現金消耗率，我們認為我們處於健康狀態，因為它與我們的資產負債表和 2023 年 154 項臨床試驗的預期臨床數據讀數有關。

With that, I will now hand the call back to Dr. Taylor Schreiber for final comments. Taylor?

有了這個，我現在將把電話轉回給 Taylor Schreiber 博士以徵求最終意見。泰勒？

Thank you, Andrew. As you have just heard, 2022 was a year in which we are intensely focused on the execution of our clinical programs, and we are pleased to be approaching key clinical data in 2023. As you heard from Lini, clinical updates from the 154 program, including complete data from the monotherapy dose escalation trial in platinum-resistant ovarian cancer patients and initial data in combination with liposomal doxorubicin also in ovarian cancer patients, are expected midyear 2023. Additionally, initial data from our trial in patients with AML and high-risk MDS are expected in the first half of 2023. As you can see, we expect 2023 to be a data-rich year, and we look forward to sharing those data with you.

謝謝你，安德魯。正如您剛剛聽說的那樣，2022 年是我們高度關注臨床項目執行的一年，我們很高興在 2023 年接近關鍵臨床數據。正如您從 Lini 那裡聽到的那樣，154 項目的臨床更新，包括鉑類耐藥卵巢癌患者單藥劑量遞增試驗的完整數據，以及與脂質體多柔比星聯合治療卵巢癌患者的初步數據，預計將於 2023 年年中公佈。此外，我們在 AML 和高風險患者中進行的試驗的初步數據MDS 預計在 2023 年上半年發布。如您所見，我們預計 2023 年將是數據豐富的一年，我們期待與您分享這些數據。

One of the cornerstones of Shattuck has always been the expertise of our preclinical development and research and development teams. I must highlight the team's tremendous progress in 2022, leading to the promotion of Drs. Fromm and de Silva as Chief Scientific Officers to head the ARC and GADLEN platform research and development efforts, respectively.

Shattuck 的基石之一一直是我們臨床前開發和研發團隊的專業知識。我必須強調團隊在 2022 年取得的巨大進步，這導致了 Drs 的晉升。 Fromm 和 de Silva 擔任首席科學官，分別領導 ARC 和 GADLEN 平台的研發工作。

Interest in harnessing the activity of gamma delta T cells in cancer has continued to build, and we believe our GADLEN platform is truly distinct from all other approaches currently in development due to its unique design features. During the fourth quarter of 2022, we highlighted two preclinical compounds from the GADLEN platform: one targeting the CD20 antigen that we are evaluating for development in autoimmune disease; and a second targeting the B7-H3 antigen for which we are evaluating for development in certain solid tumors. We look forward to providing further guidance on the GADLEN program as it continues to advance later this year.

人們對利用 γδ T 細胞在癌症中的活性的興趣不斷增強，我們相信我們的 GADLEN 平台因其獨特的設計特點而真正不同於目前正在開發的所有其他方法。在 2022 年第四季度，我們重點介紹了 GADLEN 平台的兩種臨床前化合物：一種靶向 CD20 抗原，我們正在評估其在自身免疫性疾病中的發展；第二個靶向 B7-H3 抗原，我們正在評估其在某些實體瘤中的發展。隨著 GADLEN 計劃在今年晚些時候繼續推進，我們期待為它提供進一步的指導。

In addition to our progress in the clinic and in our discovery efforts, I would like to underscore that our financial position remains strong, and we continue to investigate other opportunities to monetize our portfolio to increase shareholder value.

除了我們在臨床和發現方面取得的進展外，我想強調的是，我們的財務狀況依然強勁，我們將繼續研究其他機會，將我們的投資組合貨幣化以增加股東價值。

I want to thank everyone for participating in today's call. We believe that the combination of our experienced team, transformational science in protein engineering, as well as financial resources puts us in an incredibly strong position to move beyond our next set of milestones in 2023. We will keep you apprised of our progress as we continue to execute our strategic and corporate objectives.

我要感謝大家參加今天的電話會議。我們相信，我們經驗豐富的團隊、蛋白質工程的轉化科學以及財務資源的結合使我們處於非常有利的地位，可以在 2023 年超越我們的下一組里程碑。隨著我們的繼續，我們將讓您了解我們的進展執行我們的戰略和企業目標。

With that, we would now like to open the call for your questions. Operator?

有了這個，我們現在想打開您的問題的電話。操作員？

Thank you, Dr. Schreiber. (Operator Instructions)

謝謝你，施賴伯博士。 （操作員說明）

Jonathan Miller of Evercore ISI.

Evercore ISI 的喬納森·米勒。

Hey, guys, thank you so much for taking my question. I'd love to start with the 154 program. I know you were seeing some liver tox at higher doses. I'm wondering how that seems to be filling out as you move forward. Have you seen any Grade 3 or very high grade, I should say, liver tox in the 3-milligram-combo cohort?

嘿，伙計們，非常感謝你們接受我的問題。我很想從 154 程序開始。我知道你在高劑量時看到了一些肝臟毒素。我想知道隨著你的前進，這似乎是如何填補的。您是否在 3 毫克組合隊列中看到任何 3 級或非常高級別的肝毒素？

And just to build off of that, how many patients in combo do you expect to be available in the initial release, especially in AML and MDS? Is it enough that we should expect to be getting a good ORR comp relative to other CD47s in these releases this half?

在此基礎上，您希望在初始版本中可以使用多少組合患者，尤其是在 AML 和 MDS 中？在這一半的這些版本中，我們是否應該期望獲得相對於其他 CD47 的良好 ORR 比較？

Hey, John, thanks for the question. So I'll -- Lini can provide you guidance on patient numbers coming up in all the cohorts. With regard to tox, the profile that we're seeing in all of the combination study is similar to what we've seen in the monotherapy dose escalation.

嘿，約翰，謝謝你的提問。所以我會 - Lini 可以為您提供有關所有隊列中出現的患者數量的指導。關於毒素，我們在所有聯合研究中看到的情況與我們在單一療法劑量遞增中看到的情況相似。

So with regard to the specific liver toxicity question, we're not seeing any evidence of any cumulative tox between the molecules and 3 mg per kg was well tolerated as monotherapy in that monotherapy dose escalation study as well. So looking good so far from that perspective, also consistent profile from what we saw in the monotherapy dose escalation with regard to no evidence of cytokine release syndrome or destructive anemias.

因此，關於特定的肝毒性問題，我們沒有看到任何證據表明分子之間有任何累積毒性，並且在該單一療法劑量遞增研究中，作為單一療法，每公斤 3 毫克的耐受性也很好。因此，從這個角度來看，到目前為止看起來不錯，與我們在單一療法劑量遞增中看到的一致，沒有細胞因子釋放綜合徵或破壞性貧血的證據。

And then on the combination, John, with the AML/MDS cohort, the patients that we're enrolling in the dose escalation are patients who have relapsed-refractory disease. We expect an excess of 20 patients across the monotherapy and the pump cohorts by the middle of the year.

然後在組合上，約翰，與 AML/MDS 隊列，我們在劑量遞增中招募的患者是患有復發難治性疾病的患者。我們預計到今年年中，單一療法和泵組的患者人數將超過 20 名。

Just to put this in context, the CD47-targeted agents, they have a benchmark in the frontline setting in treatment naïve patients. These patients are relapsed-refractory patients. We will be starting those expansion cohorts in the frontline setting as soon as we complete the dose escalation.

只是為了說明這一點，CD47 靶向藥物，他們在未接受治療的患者的前線設置中有一個基準。這些患者是複發難治性患者。一旦我們完成劑量遞增，我們將在前線環境中啟動這些擴展隊列。

Makes sense. Thanks so much.

說得通。非常感謝。

Marc Frahm, Cowen.

馬克·弗拉姆，考恩。

Thanks for taking my questions. Maybe I will ask similar questions, but we'll go to the doxo combo (technical difficulty). Lini, if you can give an update on kind of the scope of that presentation, what we're likely to see.

感謝您回答我的問題。也許我會問類似的問題，但我們會去 doxo 組合（技術難度）。 Lini，如果你能提供有關該演示文稿範圍的最新信息，我們可能會看到什麼。

And then relating to that, as we get towards the mirve data set -- you know, in your prepared remarks, Taylor, you mentioned the kind of approved response rate that mirvetuximab has in the biomarker selected population. But of course, the trial is going to enroll a broader population. So how should we think about kind of interpreting that data as we get it, given that you will include patients who aren't approved for monotherapy plus? I guess some of your proposed benefit is really on durability, not as much on the response rate.

然後與此相關，當我們進入 mirve 數據集時——你知道，在你準備好的發言中，泰勒，你提到了 mirvetuximab 在生物標誌物選擇人群中的批准反應率。但當然，該試驗將招募更廣泛的人群。那麼，考慮到您將包括未獲准單藥治療的患者，我們應該如何考慮在獲得數據時如何解釋這些數據？我想您提出的一些好處實際上是關於耐用性，而不是響應率。

Great. Thanks, Marc. Lini can handle that for us.

偉大的。謝謝，馬克。 Lini 可以為我們處理。

Yeah. With the doxo, we are expecting something around 20 to -- 10 to 20 patients by the middle of the year. So based -- we would be sharing data both on the safety as well as the efficacy. It will bit a mixed of that data depending on the enrollment. As we expect that, we would provide some guidance closer to the time as to what to expect by the middle of the year. But to answer your question in the dox, it will be in the order of 10 to 20 patients.

是的。使用 doxo，我們預計到今年年中大約有 20 到 10 到 20 名患者。因此，我們將共享有關安全性和有效性的數據。它會根據註冊情況混合這些數據。正如我們所期望的那樣，我們將在臨近年中時提供一些指導。但要在 dox 中回答你的問題，大約需要 10 到 20 名患者。

With the mirve, looking at the mirve data, With the mirve, looking at the mirve data, so yes, I mean, with mirve approved in the high expresser group, 75% or greater; and here we are enrolling patients with 25% or greater. So we will be looking at the response by subgroup in those subsets.

使用 mirve，查看 mirve 數據，使用 mirve，查看 mirve 數據，所以是的，我的意思是，mirve 在高表達組中獲得批准，75% 或更高；在這裡，我們正在招募 25% 或更多的患者。因此，我們將查看這些子集中子組的響應。

But at this stage, what we are doing with ImmunoGen is that we are partnering with ImmunoGen to see what would be an interesting response rate and durability of response based on their database. We will definitely be working with them to benchmark the data that we see against the data sets that they have.

但在這個階段，我們正在與 ImmunoGen 一起做的是，我們正在與 ImmunoGen 合作，根據他們的數據庫，看看什麼是有趣的反應率和反應的持久性。我們肯定會與他們合作，將我們看到的數據與他們擁有的數據集進行基準測試。

And by the end of the year, we would hope to have or expect to have about 40 patients of -- worth of data.

到今年年底，我們希望擁有或期望擁有大約 40 名患者的數據。

Yigal Nochomovitz, Citi.

Yigal Nochomovitz，花旗銀行。

Yeah. Hi, thanks. I'm just trying to get a feeling for expectations for the combo study with 154 in aza both in the relapsed-refractory setting, as well as in the frontline setting. What do you generally believe is the efficacy bar for aza by itself and with the addition of 154 in both relapsed-refractory AML and MDS, as well as in the frontline setting in TP53 mutant? What might you expect to see with the combo of aza?

是的。你好謝謝。我只是想了解在復發難治性環境和前線環境中對 aza 154 的組合研究的期望。您通常認為aza 本身的療效欄是什麼，加上 154 在復發難治性 AML 和 MDS 中，以及在 TP53 突變體的前線設置中？你希望看到 aza 的組合嗎？

Thanks, Yigal. As Lini said in the initial portion of the trial, we're enrolling primarily venetoclax- and HMA-experienced subjects. So any activity in that relapsed-refractory setting, I think, would be helpful and perhaps provide some guidance toward what you might expect in the frontline setting.

謝謝，伊加爾。正如 Lini 在試驗的初始部分所說，我們主要招募有 venetoclax 和 HMA 經驗的受試者。因此，我認為在這種複發難治性環境中的任何活動都會有所幫助，並且可能會為您在前線環境中的期望提供一些指導。

The first two cohorts that we expect to have data from in the second half of this year in the frontline setting are, number one, in the TP53 mutant AML patients. There, we believe that the expected effect in terms of complete responses for azacitidine alone are in the range of 22%. And so we're looking for a combination complete response rate in the neighborhood of 40% or so.

我們預計今年下半年在前線環境中獲得數據的前兩個隊列是 TP53 突變 AML 患者。在那裡，我們認為單用阿扎胞苷的完全反應的預期效果在 22% 的範圍內。因此，我們正在尋找大約 40% 左右的組合完全響應率。

And in the high-risk MDS cohort, this is where there continues to be a bit of blurriness, honestly, in the field as to what the expected effect size of azacitidine alone is. Some of the older studies place that complete response rate in the high teens; the more recent Takeda study with Pevonedistat suggests that it could be as high as the low 30s. And so we think it's best to cite the higher response rate as the benchmark. And so we're looking for a combination response rate somewhere in the neighborhood of 50% for complete responses.

在高風險 MDS 隊列中，老實說，在這個領域，對於單用阿扎胞苷的預期效果大小，仍然存在一些模糊之處。一些較早的研究將完全反應率放在了十幾歲的青少年身上；武田最近對 Pevonedistat 的研究表明，它可能高達 30 多歲。因此我們認為最好將較高的響應率作為基準。因此，我們正在尋找 50% 左右的組合響應率以獲得完整響應。

Okay. And then I'm not sure if you mentioned it in the prepared remarks, but just can you just kind of go through again the choice of the 3 mgs per kg for 154 in combo with the liposomal doxorubicin. What was driving that decision?

好的。然後我不確定你是否在準備好的評論中提到了它，但你能否再次選擇 3 毫克/公斤 154 與脂質體多柔比星的組合。是什麼推動了這個決定？

Sure. So it was driven by a few factors. First of all, on both the CD40 and CD47 binding sides of the molecule, we were looking to find a dose where full receptor occupancy and the receptor saturation was achieved. And that was achieved by that 3 mg per kilogram dose, and that was visible both in terms of the receptor occupancy data and observation of nonlinearity in the PK profile.

當然。所以它是由幾個因素驅動的。首先，在分子的 CD40 和 CD47 結合側，我們正在尋找一種劑量，在該劑量下可以實現完全受體佔據和受體飽和。這是通過每千克 3 毫克的劑量實現的，這在受體佔用數據和 PK 曲線中的非線性觀察方面都是可見的。

Beyond that, we were looking for a dose that led to maximal induction of the pharmacodynamic effects driven by CD40. So many folks are aware that with others -- with CD47 inhibitors, the only pharmacodynamic effect you see in a study like this is receptor occupancy. So the observation of rapid margination of CD40 expressing cells from the peripheral blood post-dose is a unique effect for 154 relative to any other agent in the space. That was maximal by the 3 milligram per kilogram dose and maintained that maximal plateau up through the 10 mg per kg dose.

除此之外，我們正在尋找能夠最大程度誘導 CD40 驅動的藥效學效應的劑量。很多人都知道，對於其他人——對於 CD47 抑製劑，你在這樣的研究中看到的唯一藥效學效應是受體佔據。因此，觀察到給藥後外周血中 CD40 表達細胞的快速邊緣化是 154 相對於空間中任何其他試劑的獨特效果。這是每千克 3 毫克劑量的最大值，並在每千克 10 毫克劑量時保持最大穩定水平。

The other primary pharmacodynamic effects were rapid induction of multiple cytokines, including interleukin-12, IP-10, CCL2, CCL4, CCL22, and a number of others. And those cytokines also achieved a -- what appear to be a maximal plateau by that 3 mg per kg dose, which did not escalate appreciably by the 10 mg per kg dose, but also importantly didn't decline.

其他主要藥效學作用是快速誘導多種細胞因子，包括白介素 12、IP-10、CCL2、CCL4、CCL22 和許多其他細胞因子。這些細胞因子也達到了 - 這似乎是每千克 3 毫克劑量的最大平台，每千克 10 毫克劑量沒有明顯增加，但重要的是沒有下降。

And so on all of those markers, 154 was differentiated both from single-acting CD47 inhibitors and lacked any of the toxicity or bell-shaped dose response effects that characterize prior CD40 agonist. And so all of that gave us confidence about this being the right dose to bring in the combos.

在所有這些標記物上，154 既不同於單作用 CD47 抑製劑，又缺乏任何毒性或鐘形劑量反應效應，這些效應是先前 CD40 激動劑的特徵。因此，所有這些都讓我們相信這是引入組合的正確劑量。

Okay. Thank you.

好的。謝謝。

Zhiqiang Shu, Berenberg.

舒志強，貝倫貝格。

Good afternoon. Thanks for taking the question. My question is related to your 252 program. Obviously, it's not surprising to see the discontinuation there. But I was wondering if you can talk about the learnings from this program, particularly around the PK/PD aspect to your 154, what the PK/PD from 252 is consistent with what you are observing in 154? Thanks very much.

下午好。感謝您提出問題。我的問題與您的 252 程序有關。顯然，看到那裡停產也就不足為奇了。但我想知道您是否可以談談從這個程序中學到的東西，特別是圍繞您的 154 的 PK/PD 方面，252 的 PK/PD 與您在 154 中觀察到的一致嗎？非常感謝。

Sure. Thank you, Zhi. So the trial cross comparisons here are, I think, quite valuable. And with the 252 program, we completed dose escalation through that 24 mg per kg dose compound continued to be extremely well tolerated. And across that dose escalation, we saw dose dependent binding to CD4 cells expressing OX40 and migration of those cells out of the peripheral blood post-dose.

當然。謝謝你，智。因此，我認為這裡的試驗性交叉比較非常有價值。通過 252 計劃，我們完成了劑量遞增，每公斤劑量為 24 毫克的化合物仍然具有極好的耐受性。在劑量遞增的過程中，我們看到了與表達 OX40 的 CD4 細胞的劑量依賴性結合以及這些細胞在給藥後遷移出外周血。

And so again, from a TN receptor agonist perspective, the tolerability and lack of any evidence of a bell-shaped dose response curve and the pharmacodynamic effects with both 252 and 154 are helpful in terms of validating one of the central hypotheses of the ARC platform, that if you engage TNF receptors with a hexameric drug, you will not observe some of the toxicities and pharmacodynamic -- abnormal pharmacodynamic effects that prior antibody-based regimens have seen.

因此，從 TN 受體激動劑的角度來看，252 和 154 的耐受性和鍾形劑量反應曲線的任何證據以及藥效學效應都有助於驗證 ARC 平台的中心假設之一，如果您將 TNF 受體與六聚體藥物結合，您將不會觀察到一些毒性和藥效學——先前基於抗體的治療方案所見的異常藥效學效應。

So that's an important finding from a platform expansion standpoint, again both from the safety and the pharmacodynamic side. And we're also learning some important lessons I think in terms of what OX40 and what CD40 stimulation achieve in human cancer patients. And when you look at the 252 data and you note that there really are -- there were no appreciable serum cytokine changes, the only cells that were migrating were the specific CD4 positive, OX40 positive cells. It was a much more immunologically quiet molecule, so to speak, in this patient population, whereas the CD40 agonist clearly, all across the dose escalation, led to very clear escalations in a number of cytokines, infusion-related reactions have been much more common with that agent.

因此，從平台擴展的角度來看，這是一個重要的發現，同樣是從安全性和藥效學方面來看。我們也在學習一些我認為關於 OX40 和 CD40 刺激在人類癌症患者中實現的重要教訓。當你查看 252 數據時，你會注意到確實存在 - 沒有明顯的血清細胞因子變化，唯一遷移的細胞是特定的 CD4 陽性細胞，OX40 陽性細胞。它是一種免疫學上更安靜的分子，可以這麼說，在這個患者群體中，而 CD40 激動劑顯然，在整個劑量增加過程中，導致許多細胞因子非常明顯的增加，輸液相關反應更為常見與那個代理人。

And so the differentiation in biology between the two constructs paints a very clear picture that this is target-mediated activity that we're seeing here. So always hard to close down a program like this, but I think we've learned what we needed to learn from this molecule and those learnings will benefit other compounds moving forward.

因此，這兩種構造之間的生物學差異描繪了一幅非常清晰的畫面，即我們在這裡看到的是目標介導的活動。所以總是很難關閉這樣的程序，但我認為我們已經從這個分子中學到了我們需要學習的東西，這些學習將有利於其他化合物的發展。

Great. Thanks. And then maybe just quickly on GADLEN platform, you disclosed, I think consistent with last time, that you have two preclinical assets. Can you talk about sort of the prioritization there and when we can see more data or more development from those two programs?

偉大的。謝謝。然後可能很快就在 GADLEN 平台上，你披露了，我認為與上次一致，你有兩個臨床前資產。您能否談談那裡的優先順序以及我們何時可以從這兩個程序中看到更多數據或更多發展？

Sure. So the B7-H3 molecule is the one we're considering for development in oncology and the CD20 is the one that we're considering for development in antibody-mediated autoimmune disease. And what we're seeking to achieve with the initial clinical study with the GADLEN platform is to select an indication where we believe it will be most likely that a GADLEN molecule will differentiate from CD3-based T cell engagers, antigen-specific antibody molecules, and we've learned a lot about what gamma-delta T cells rely upon to be fully activated.

當然。因此，B7-H3 分子是我們正在考慮用於腫瘤學開發的分子，而 CD20 是我們正在考慮用於抗體介導的自身免疫性疾病開發的分子。我們正在尋求通過 GADLEN 平台的初步臨床研究實現的目標是選擇一個我們認為 GADLEN 分子最有可能與基於 CD3 的 T 細胞結合物、抗原特異性抗體分子、我們已經了解了很多關於 γ-δ T 細胞完全激活所依賴的因素。

And just like alpha-beta T cells, they require a T cell receptor stimulus, which comes from the GADLEN molecule itself and the butyrophilin heterodimer. And they also require a co-stimulatory ligands to be expressed by their target cell. And so a part of the exercise that is guiding the effort is looking at tumors that express B7-H3 and trying to assure that patients that we might enroll early in a Phase 1 dose escalation study are likely to express those signal to ligands on their tumor. And that's on the tumor side.

就像 alpha-beta T 細胞一樣，它們需要來自 GADLEN 分子本身和嗜乳脂蛋白異二聚體的 T 細胞受體刺激。而且它們還需要一種共刺激配體才能由它們的靶細胞表達。因此，指導這項工作的一部分工作是研究表達 B7-H3 的腫瘤，並試圖確保我們可能會儘早參加 1 期劑量遞增研究的患者可能會向其腫瘤上的配體表達這些信號.那是在腫瘤方面。

And on the autoimmune side, you can have certainty actually that any B cell which expresses CD20 will also express a signal to ligand in the form of CD80 or 86. And so those are some of the design principles that we have in mind for that Phase 1 trial. And we'll be providing more specific guidance as to exactly what that study is going to look like in the short term this year.

在自身免疫方面，您實際上可以確定任何表達 CD20 的 B 細胞也會以 CD80 或 86 的形式向配體表達信號。因此，這些是我們在該階段考慮的一些設計原則1 次試驗。我們將就該研究在今年的短期內的具體情況提供更具體的指導。

Great. Thanks, Taylor.

偉大的。謝謝，泰勒。

Thank you. This concludes the Q&A session of the call. At this time, I would like to turn the call back over to Taylor Schreiber, Chief Executive Officer of Shattuck Labs for closing remarks.

謝謝。電話的問答環節到此結束。此時，我想將電話轉回給 Shattuck Labs 首席執行官 Taylor Schreiber 以作結束語。

Thank you, operator, and thank you all for joining the Shattuck Labs' fourth-quarter and full-year 2022 financial results and business update conference call. We appreciate your continued interest in Shattuck and we look forward to updating you on our milestones throughout the remainder of what we hope to be an exciting 2023. Thank you.

感謝接線員，感謝大家參加 Shattuck Labs 的第四季度和全年 2022 年財務業績和業務更新電話會議。我們感謝您對 Shattuck 的持續關注，我們期待在我們希望成為令人興奮的 2023 年的剩餘時間裡向您更新我們的里程碑。謝謝。

Thank you. Again, ladies and gentlemen, that will conclude today's conference call. We just like to thank you all so much for joining us and wish you all a great remainder of your day. Bye-bye.

謝謝。再次，女士們，先生們，今天的電話會議將結束。我們非常感謝大家加入我們，並祝大家度過美好的一天。再見。